They are desperately trying to be TikTok. It will not work and has no chance of working. Look at their hilariously terrible acquisition of Dubsmash for $50 million (they converted it to a subreddit with 1.5k subscribers when they had 200 million users at their peak and touted having 25% of black teens in their acquisition press release. Every post is people saying the Reddit app sucks and asking where Dubsmash went)
That definitely belongs in a textbook on absurd corporate decisions.
I thought you must have been exaggerating somewhere, but nope, that is exactly how it went.